The first quarter of 2025 is confirmed brilliant for Italian brands of the high-end automotive sector. Classic Ferrari for sale, emblem of Italian industrial excellence, continues to churn out record profits and margins. But also Lamborghini – although part of the Audi group and therefore of the German giant Volkswagen – shows record performances, confirming the vitality of luxury made in Italy.
Ferrari: Revenues and profits are running
While Scuderia Ferrari is struggling in the F1 world championship, in Maranello the financial engine is roaring smoothly. Classic Ferrari for sale in fact, it closes the first three months of 2025 with net revenues equal to 1,79 billion euros, up by 13 % compared to the same period in 2024. The number of cars delivered remained almost stable (+0,9%), settling at 3.593 unit, but the driving force behind the result was, once again, the fine product mix and the high level of customizations customer requests.
The operating profit (Ebit) has risen to 542 million euro, with an increase of 22,7 %, while the 'Ebitda has reached altitude 693 million, up by 14,6 %, with margins of the 30,3 % and 38,7 % respectively. TheNet income it is attested to 412 million euro, up by 17 % every year. L'earning per share has risen to 2,30 € (compared to 1,95 in 2024).
Il industrial free cash flow was equal to 620 million euro, increasing thanks to the growth of EBITDA and the generation of liquidity also deriving from the advances collected for the new Ferrari F80. All this, despite capital expenditure for 224 million.
The net industrial debt it dropped to 49 million euro, from 180 million at the end of 2024. An even more significant figure considering the buyback of own shares for 424 million, including participation in the offer of accelerated bookbuild sponsored by Exor in February. The available liquidity total amounts to 2,47 billion euros, including $550 million in unused credit lines.
Geographical performance: Americas up, Asia down
In detail, the growth in deliveries was mainly driven by theEurope (+128 units) and by Americas (+25 units). On the contrary, sales are decreasing in Mainland China, Hong Kong and Taiwan (-80 units) and in Rest of Asia-Pacific (-40 units).
The top performing models of the quarter include the Ferrari Rome Spider, the 296 GTS, the SF90 XX family, and the Purosangue. Among the new arrivals, the First deliveries of the 12Cylinder SpiderHybrid models have represented the 49% of sales, while internal combustion engines the 51 %.
As for the question, the order book of Ferrari is completely covered until the end of 2026, with the new 12 Cylinder family driving the most recent demands.
Vigna, Ferrari CEO: “Great start to the year, let’s move forward with electric”
“It was another great start to the year – declared the CEO Benedict Vigna – In the first quarter of 2025, with a slight increase in deliveries compared to the previous year, all the main parameters recorded double-digit growth, with strong profitability driven by our product mix and continued demand for customization. Once again, our strategy aimed at qquality of revenues rather than volumes".
Vigna then relaunched on the new arrivals: “We continue to enrich our offer in line with our plans, with six new models during the year, including the recently presented 296 Speciale and 296 Speciale A, and the long-awaited electric Ferrari, which will be the protagonist of a unique and innovative launch. We are excited about the new things that await us”.
Ferrari confirms 2025 guidance (but with reservations for US tariffs)
Ferrari has 2025 guidance confirmed, despite the potential negative impacts resulting from the introduction of duties on EU car imports into the US. For the full year, Maranello expects to close with net revenues equal to or greater than 7 billion euros, growing by at least 5% compared to 2024. Adjusted EBITDA is estimated at or above 2,68 billion, with a margin of 38,3%, while adjusted operating profit should reach or exceed 2,03 billion (+7%), with a margin of 29%.
The earning per share (Eps) is expected to be equal to or higher than 8,60 euros and industrial free cash flow should be around 1,20 billion, up 17%. There remains a margin of uncertainty linked to the introduction of US tariffs on European-sourced cars, which could lead to a dilution of up to 50 basis points on the percentage profitability margins (Ebit and Ebitda).
Lamborghini: Revenues and operating profit in strong acceleration
The House of Sant'Agata Bolognese also opens the year with solid results across the board. In the first quarter of 2025, Automobiles Lamborghini delivered 2.967 cars, reaching a turnover of 895,2 million euros, in growth of 29,6% compared to the same period in 2024. The Operating income stands at 248,1 million euros, marking a leap of 32,8%.
"The future is in our hands: we are the ones who have to create our own resilience. The results of the first quarter confirm the strength of our brand, even in an uncertain economic scenario. Global demand remains high and the data recorded are a further demonstration of the validity of our strategy: combining performance, innovation and exclusivity, keeping quality and customization at the center" he declared Stephan winkelmann, CEO of the House of Taurus.
The fundamental contribution of new models: the Revuelto, Lamborghini's first V12 plug-in hybrid, is now in full production, while the Urus SE – the hybrid version of the Super SUV – is already attracting new customers.
Distributed Production, Solid Demand, Expectations for Revuelto
Le Deliveries were well distributed among the commercial macro-areas: Emea with 1.368 units (+7%), Americas with 1.034 (+21%) and Apac with 565 (+14%). The United States confirmed its leading market (933 vehicles), followed by Germany (366), the United Kingdom (272), Japan (187) and Italy (143).
Il order book remains robust, with waiting times for the Revuelto over two years. “2025 has opened with a solid performance – declared the CFO Paolo Poma – In an uncertain context, we remain focused on creating sustainable value, focusing on economic strength and environmental responsibility”.
No impact from tariffs, but tensions under observation
Recent trade tensions between Europe and the United States did not affect Lamborghini's results in the first quarter, but the company carefully observe the evolution of the situation. “We support international trade based on shared rules, open markets and stable relations between global economies – reads the official note – Convinced that protectionist measures can have negative effects on growth, competitiveness and development”.
